Photogen Technologies, Inc Reports Full Year 2000 Operating Results

NEW HOPE, Pa., April 2 /PRNewswire/ -- Photogen Technologies, Inc.
reported its results of operations for the full year 2000. Basic and fully
diluted loss per share, after provision for preferred stock dividends, was
$13,500,000, or $0.36 per share compared to a loss of $6,300,000, or $0.17 per
share in 1999. Photogen also reported year-end cash and securities of
$5,700,000.
"We have had many accomplishments during the past year," said Taffy J.
Williams, President and CEO of Photogen. "Based on encouraging preliminary
data from a human pilot study we are conducting in Denmark, we are completing
preparations to commence a Phase I study of PH-10 to treat psoriasis. By the
end of 2001, we would like to have three drugs in clinical studies. In
addition to our existing cash reserves, we have put in place a shelf
registration enabling the company to issue up to $40 million in additional
capital. We have also recently significantly strengthened our management team
with the addition of a new Senior Vice President, Medical and Regulatory
Affairs. Not unimportantly, we have moved our clinical development and
corporate headquarters to New Hope, Pennsylvania, a suburb of Philadelphia
that is in a hub of pharmaceutical and biotechnology companies. Our research
base will remain in Knoxville, Tennessee."
Upon FDA approval, Photogen plans to commence a Phase I study of its
photoactive compound, PH-10, as a treatment for psoriasis in the first half of
2001. During the second half of the year, the company expects to commence
Phase I human studies for a second indication of PH-10 for the treatment of
certain solid tumors, and to advance its diagnostic agent, N1177, into Phase
II clinical studies. N1177 is being developed in a joint venture with a unit
of Elan Corporation to identify lymph nodes and diagnose any metastases of
cancer into the lymphatic system.
Photogen develops innovative cancer therapeutic and diagnostic products
utilizing proprietary drugs and advanced energy sources. The company's cancer
diagnostic, N-1177, being developed through a joint venture with Elan
Corporation, has completed Phase I clinical studies. Photogen is also
developing PH-10, a unique highly selective photoactive agent that shows
promise as a treatment for certain cancer tumors and for psoriasis and other
topical disorders.
Statements in this release that are not strictly historical are
"forward-looking" statements made pursuant to the safe harbor provision of the
Private Securities Litigation Reform Act of 1995. Forward-looking statements
involve known and unknown risks that may cause Photogen's actual results in
the future to differ materially from expected results. These risks and
uncertainties include the ability of the Company: to develop a product and
obtain regulatory approval for its use, to obtain necessary financing to
support its development programs, and to maintain intellectual property
protection for its proprietary products, defend its existing intellectual
property rights from challenges by third parties, and avoid infringing
intellectual property rights of third parties. These and other risks are
described and qualified in their entirety by cautionary language and risk
factors set forth in the Company's filings from time to time with the
Securities and Exchange Commission.
Contacts:
Brooks Boveroux, CFO Matthew Orsagh
Photogen Technologies, Inc. Noonan/Russo Communications
609-497-1115 212-696-4455 ext. 357
Selected Consolidated Financial Data
(Unaudited)
Three Months Three Months Year Ended Year Ended
Ended Ended Ended Ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
2000 1999 2000 1999
OPERATING STATEMENT DATA
Operating Expenses
Research and
development 945,595 822,527 4,308,313 2,889,215
General and
administrative 1,311,426 1,485,094 5,095,442 3,037,392
Restructuring charges 395,025 597,025
Total operating
expenses 2,652,046 2,307,621 10,000,780 5,926,607
Loss From Joint
Venture (530,296) (306,029) (1,203,392) (306,029)
Investment Income 78,924 22,655 417,110 179,795
Net Loss (3,103,418) (2,590,995) (10,787,062) (6,052,841)
Dividends on
Preferred Stock (947,360) (220,677) (2,704,751) (220,677)
Net Loss Applicable to
Common
Shareholders (4,050,778) (2,811,672) (13,491,813) (6,273,518)
Net Loss per Common
Share Outstanding (0.11) (0.08) (0.36) (0.17)
Weighted Average
Common Shares
Outstanding 37,383,386 37,302,713 37,383,386 36,983,707
BALANCE SHEET DATA
Cash & Investments 5,566,766 7,254,337 5,566,766 7,254,337
Total Assets 19,652,037 23,304,829 19,652,037 23,304,829
Stockholders'
Equity 18,412,510 22,432,162 18,412,510 22,432,162

SOURCE Photogen Technologies, Inc.

NEW HOPE, Pa., April 2 /PRNewswire/ -- Photogen Technologies, Inc.
reported its results of operations for the full year 2000. Basic and fully
diluted loss per share, after provision for preferred stock dividends, was
$13,500,000, or $0.36 per share compared to a loss of $6,300,000, or $0.17 per
share in 1999. Photogen also reported year-end cash and securities of
$5,700,000.
"We have had many accomplishments during the past year," said Taffy J.
Williams, President and CEO of Photogen. "Based on encouraging preliminary
data from a human pilot study we are conducting in Denmark, we are completing
preparations to commence a Phase I study of PH-10 to treat psoriasis. By the
end of 2001, we would like to have three drugs in clinical studies. In
addition to our existing cash reserves, we have put in place a shelf
registration enabling the company to issue up to $40 million in additional
capital. We have also recently significantly strengthened our management team
with the addition of a new Senior Vice President, Medical and Regulatory
Affairs. Not unimportantly, we have moved our clinical development and
corporate headquarters to New Hope, Pennsylvania, a suburb of Philadelphia
that is in a hub of pharmaceutical and biotechnology companies. Our research
base will remain in Knoxville, Tennessee."
Upon FDA approval, Photogen plans to commence a Phase I study of its
photoactive compound, PH-10, as a treatment for psoriasis in the first half of
2001. During the second half of the year, the company expects to commence
Phase I human studies for a second indication of PH-10 for the treatment of
certain solid tumors, and to advance its diagnostic agent, N1177, into Phase
II clinical studies. N1177 is being developed in a joint venture with a unit
of Elan Corporation to identify lymph nodes and diagnose any metastases of
cancer into the lymphatic system.
Photogen develops innovative cancer therapeutic and diagnostic products
utilizing proprietary drugs and advanced energy sources. The company's cancer
diagnostic, N-1177, being developed through a joint venture with Elan
Corporation, has completed Phase I clinical studies. Photogen is also
developing PH-10, a unique highly selective photoactive agent that shows
promise as a treatment for certain cancer tumors and for psoriasis and other
topical disorders.
Statements in this release that are not strictly historical are
"forward-looking" statements made pursuant to the safe harbor provision of the
Private Securities Litigation Reform Act of 1995. Forward-looking statements
involve known and unknown risks that may cause Photogen's actual results in
the future to differ materially from expected results. These risks and
uncertainties include the ability of the Company: to develop a product and
obtain regulatory approval for its use, to obtain necessary financing to
support its development programs, and to maintain intellectual property
protection for its proprietary products, defend its existing intellectual
property rights from challenges by third parties, and avoid infringing
intellectual property rights of third parties. These and other risks are
described and qualified in their entirety by cautionary language and risk
factors set forth in the Company's filings from time to time with the
Securities and Exchange Commission.
Contacts:
Brooks Boveroux, CFO Matthew Orsagh
Photogen Technologies, Inc. Noonan/Russo Communications
609-497-1115 212-696-4455 ext. 357
Selected Consolidated Financial Data
(Unaudited)
Three Months Three Months Year Ended Year Ended
Ended Ended Ended Ended
Dec. 31, Dec. 31, Dec. 31, Dec. 31,
2000 1999 2000 1999
OPERATING STATEMENT DATA
Operating Expenses
Research and
development 945,595 822,527 4,308,313 2,889,215
General and
administrative 1,311,426 1,485,094 5,095,442 3,037,392
Restructuring charges 395,025 597,025
Total operating
expenses 2,652,046 2,307,621 10,000,780 5,926,607
Loss From Joint
Venture (530,296) (306,029) (1,203,392) (306,029)
Investment Income 78,924 22,655 417,110 179,795
Net Loss (3,103,418) (2,590,995) (10,787,062) (6,052,841)
Dividends on
Preferred Stock (947,360) (220,677) (2,704,751) (220,677)
Net Loss Applicable to
Common
Shareholders (4,050,778) (2,811,672) (13,491,813) (6,273,518)
Net Loss per Common
Share Outstanding (0.11) (0.08) (0.36) (0.17)
Weighted Average
Common Shares
Outstanding 37,383,386 37,302,713 37,383,386 36,983,707
BALANCE SHEET DATA
Cash & Investments 5,566,766 7,254,337 5,566,766 7,254,337
Total Assets 19,652,037 23,304,829 19,652,037 23,304,829
Stockholders'
Equity 18,412,510 22,432,162 18,412,510 22,432,162
SOURCE Photogen Technologies, Inc.